Chinese conglomerate Dalian Wanda Group Co., has agreed to buy Legendary Entertainment, a production company behind blockbuster hits like "The Dark Knight," "Inception" and "Jurassic World," for $3.5 billion in cash, according to The Wall Street Journal.

With the purchase of Legendary, Wanda has expanded its already formidable reach once more. The company has previously purchased AMC Entertainment Holdings Inc., the second-largest cinema chain in the United States, as well as a number of companies, from luxury yacht manufacturers in Britain to soccer teams in Spain.

Wanda Chairman Wang Jianlin, whose personal wealth is estimated at about $27 billion, states that the purchase of Legendary is a strategic decision, aimed at packaging the American company with Wanda's existing movie production assets in China. Currently, the company is in the process of creating China's Tinseltown with an $8 billion movie studio complex in the country, reports U.S. News.

"Wanda Cinema already has made tremendous development in China, but it isn't enough. Movies are global, and our company certainly wants to add our voice to the world film market," he said.

The purchase of Legendary does not mean a complete takeover, however, as Wanda states that Legendary's founder and CEO Thomas Tull will continue to serve as the head of the company. Tull, for his part, has stated that though the deal has been finalized, many details of the acquisition are still up for discussion, according to Reuters.

"This has never happened. There's no road map for this," he said.

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